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Home » Money Transfer Guides for Countries the World Over » Looking For the Cheapest Way to Send Money to the Philippines?

Looking For the Cheapest Way to Send Money to the Philippines?

Send Money to the Philippines graphical illustration by iCompareFXIf you’re looking for the cheapest or best way to send money to Philippines, understand that how much your transfer ends up costing depends on multiple factors. Besides, given the number of options from which you get to choose, there is no telling if a company that works well for someone will work equally well for you.

Transfer money to the Philippines

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  •    User Rating 
    TrustPilot or Feefo User Ratings
  •    Transfer Type
  •    Coupon

  •    Fee
  •    Speed
  •    Regular Payments
  •    Mobile App
  •    Min Transfer Amount

OFX

OFX Orange logo text small 100x150
  • 9.1/10
  • Online
    Phone
    One off transfers Regular transfers
  • Two Transfers Fee Free
    First 2 Transactions Free
  • Redeem Coupon
  • USD$0
    £0
    CAD$15
    AUD$15
    €10
  • 1 - 3 Days
  • Their website is also responsive so it auto-scales to your screen size.
  • $250 / £100 / €250
Visit Website

WorldRemit

WR-Logo-100x150px3Optimised
  • 9.4/10
  • Online Only
    One off transfers Phone assistance available
  • First 3 Transfers Fee Free.
    Your first overseas transfer Fee Free! Learn more
  • Redeem Coupon
  • $3 - 4
    For example. Sending €10,000
    from Australia would incur
    €50 fee + 4-5% exchange
    rate fee on top of market rates.
  • 1 - 3 Days
  • Regular payments to PayPal registered merchants is possible.
    Regular payments to family or friends PayPal accounts is not currently possible.
  • Their website is responsive so it auto-scales to your screen size.
  • €/£/$1
Visit Website

TransferWise

TransferWise logo size 100x150
  • 9.3/10
  • Online Only
    One off transfers Regular transfers
  • Visit Website
  • ~0.5%
    Min and Max Fees apply.. Learn More
  • 1 - 2 Days
  • £1 / $1
    Min and Max Fees apply.. Learn More
Visit Website

XE.com

XE Money Transfer logo 2019 100x150
  • 9.1/10
  • Online Only
    One off transfers Phone assistance available
  • NO FEES
  • Visit Website
  • NO FEES
    XE.com transaction fees are contained within the exchange rate offered.
  • 1 - 2 Days
  • Regular payments to PayPal registered merchants is possible.
    Regular payments to family or friends PayPal accounts is not currently possible.
  • Their website is responsive so it auto-scales to your screen size.
  • €/£/$1
Visit Website

This guide about sending money to the Philippines is divided into different sections:

  • How do I compare companies?
  • How to send money to the Philippines?
  • Case study
  • Cash pickup locations
  • Tips for picking up cash
  • Information required for sending money
  • Regulations
  • Pros and cons of relocating to the Philippines
  • Next steps
  • International money transfer offers

Currency Corridors & Swift Codes

Currency Symbol and Swift Codes

Philippine peso (PHP) is the country’s official currency, and it is denoted by the ₱ sign. The term piso has been in use since 2017, when the country adopted the Filipino language for its banknotes and coins. One piso is made of 100 sentimo or centavo.

If you wish to send the money to Philippines through a bank to bank transfer, you will need to provide a Bank Routing Symbol Transit Number (BRSTN), a term commonly used in the country to refer to a Bank Identifier Code (BIC). Here are the BRSTNs of popular banks in the Philippines.

BankBRSTN
Allied Banking Corporation10320013
Bank of America, N.A.10120019
Bank of China11140014
Citibank, N.A.10070017
Deutsche Bank10650013
The Standard Chartered Bank10050011

Popular Currency Corridors

In 2015, close to $28,500,000,000 was transferred to the Philippines from other countries, and around $525,000,000 made its way out. The table below gives you some indication about the more popular currency routes.

Incoming

CountryCurrency PairAmount
The U.S.USD-PHP$9,679,000,000
United Arab EmiratesAED-PHP$3,505,000,000
Saudi ArabiaSAR-PHP$3,214,000,000
CanadaCAD-PHP$2,075,000,000
MalaysiaMYR-PHP$1,671,000,000

Outgoing

CountryCurrency PairAmount
ChinaPHP-CNY$201,000,000
The U.S.PHP-USD$80,000,000
JapanPHP-JPY$60,000,000
IndiaPHP-INR$38,000,000
AustraliaPHP-AUD$19,000,000
South KoreaPHP-KRW$17,000,000

How Do I Compare Companies When Sending Money to the Philippines?

In arriving at the best way to send money to the Philippines, different aspects require your attention.

  • Cost. How much you end up paying when sending money to Philippines depends on the exchange rate you get and the fee you need to pay. An easy way to determine the most cost-effective alternative is to compare how much money the recipient stands to receive. However, the cheapest way to send money to Philippines might not be the best for you.
  • Turnaround time. If you plan to send money to a bank account in the Philippines, you may be looking at a processing time of two to seven business days, depending on the service provider you choose. If you’re in a hurry to remit money to Philippines, consider sending it through a company that operates cash pickup centers or provides home delivery of cash.
  • Payment methods. How do you want to pay for money transfers to Philippines? Just about every company lets you pay through bank account transfers. Some let you pay using debit cards and you can also find ones that accept credit card payments.
  • Customer service. Customer service levels may vary depending on the company you select. In addition, not all provide 24/7 support via phone, email, and chat.

How to Send Money to the Philippines?

For those wanting to know how to send money to the Philippines from the United States or the United Kingdom or anywhere else, there are three basic options from which to choose.

  • Online. Most banks let you send money to the Philippines using their online systems as do specialist money transfer companies. Most people prefer the latter because of cost-effectiveness and speed.
  • Over the phone. You can find money transfer companies that let you send money abroad over the phone.
  • In-person. To transfer funds, you may contact your local bank or get in touch with a money transfer company that has a physical location near your home or office.

Case Study

Jerome came to the U.S. as a student and at the end of his course he managed to stay back because he found a suitable job. Once he started working, he wanted to send money back home, to his parents who live in Davao.

He made a couple of transfers using his bank before a friend suggested that he use a specialist money transfer company instead. He ran a comparison before his next transfer and this is what he found.

BankMoney Transfer Service
Exchange rate$1=P49.04$1=P54.00
Transfer fee$4.99$0
Amount received for $1,000P48,795.29P54,000.00
Transfer time 3 to 5 days3 days
Transfer optionsBank accountBank account
Difference ofP5,204.71

Jerome hoped to continue sending $1,000 each month, and by selecting the money transfer company over his bank, his parents would end up getting around ₱5,000 more every time.

What is the Best Way to Send Money to the Philippines?

There is no single best way to send pesos to the Philippines because this depends on factors such as how much money you wish to send, how the recipient wants to collect the transferred money, and how you wish to pay for your transfer. For instance, not all service providers accept credit card payments.

Sending Less Than $1,000/£1,000/€1,000 to a Bank Account in the Philippines Using a Credit Card

When sending less than $1,000/£1,000/€1,000, you need to account for minimum transfer amount requirements that some service providers have in place. Depending on where you live, your best alternatives for sending any amount below $1,000/£1,000/€1,000 and paying using a credit card include WorldRemit and TransferWise.

Sending Less Than $1,000/£1,000/€1,000 to a Bank Account in the Philippines Through Your Bank Account

Just about every prominent overseas money transfer company that lets you send money to the Philippines accepts payments via bank account transfers. If you wish to send any amount below $1,000/£1,000/€1,000, your top options include WorldRemit, TransferWise, OFX, Currencies Direct, and XE Money Transfer.

Sending Over $1,000/£1,000/€1,000 to a Bank Account in the Philippines Using a Credit Card

While WorldRemit and TransferWise fit the bill in this scenario, another service provider that adds to the list is FrontierPay.

Sending Over $1,000/£1,000/€1,000 to a Bank Account in the Philippines Through Your Bank Account

If you plan to send more than $1,000/£1,000/€1,000 through a bank account transfer, your top alternatives include WorldFirst, OFX, TorFX, TransferWise, and XE Money Transfer.

Which Banks in the Philippines Accept Overseas Money Transfers?

The list of banks in the Philippines which let their customers receive overseas money transfers directly into their bank accounts is long. This is because most banks in the Philippines provide this functionality.

TransferWise, for instance, processes transfers to:

  • Allied Bank
  • Allied Savings Bank
  • AMA Bank
  • ANZ Bank
  • Asia United Bank
  • Bangkok Bank
  • Bank Of China
  • Bank of Commerce
  • Banco De Oro (BDO) Unibank
  • Bank of the Philippine Islands
  • Bank of Tokyo
  • Bank One Savings and Trust Corp
  • BPI Family Savings Bank
  • China Banking Corporation
  • China Bank Savings
  • Chinatrust Bank
  • Citibank
  • CitiBank Savings
  • Deutsche Bank
  • Development Bank of the Philippines
  • East West Bank
  • Equicom Savings Bank
Show more
Show less
  • Far Eastern Bank
  • Filipino Savers Bank (A Rural Bank)
  • First Consolidated Bank
  • First Macro Bank
  • Guagua Savers Bank
  • Hong Kong & Shanghai Bank
  • HSBC Savings
  • Islamic Bank (Al-Amanah Islamic Investment Bank)
  • Land Bank of the Philippines
  • MayBank Phils
  • Metropolitan Bank and Trust Company
  • Phil Business Bank
  • Phil National Bank
  • Philippine Bank of Communications
  • Philippine Savings Bank
  • Philippine Trust Company
  • Philippine Veterans Bank
  • RCBC Savings
  • Rizal Commercial Banking Corp. (RCBC)
  • Robinsons Savings Bank
  • Standard Chartered Bank
  • Sterling Bank
Show more
Show less
  • Tong Yang Savings Bank
  • UCPB Savings Bank
  • Union Bank of the Philippines
  • United Coconut Planters Bank (UCPB)
  • United Overseas Bank
  • University Savings Bank
  • City Estate Savings Bank
  • City Savings Bank
  • First Allied Bank
  • International Exchange Bank
  • Luzon Development Bank
  • Malayan Bank
  • One Network Bank
  • Pen Bank
  • Planters Bank
  • Postal Bank
  • Premiere Bank
  • Robinson Savings Bank
  • Security Bank Corporation
  • Security Bank Savings
  • Summit Bank
Show more
Show less

Sending Money to Cash Pickup Locations

If the recipient wishes to collect cash from a physical location, you may consider using the services of WorldRemit, Ria, Transfast, Pangea, Western Union, or MoneyGram.

Cash Pickup Locations in the Philippines

You get different companies to choose from if you plan to send money to a physical location in the Philippines. Some of your options include Ria, Western Union, and MoneyGram. Listed below are some locations you may find useful.

Ria in the Philippines
Manila AUB - New Divisoria Mall 3rd Floor, Stall Unit #3N-25-31 Binondo, Manila, NCRBanco de Oro 12 ADB Avenue Ortigas Center Manila, NCR
Davao AUB - Davao Damosa Doors 1 and 2, Angliongto Building Angliongto Road Davao, DAOTandag-Luis Perez Lomondao, Beside Next Lion Gas Station or Crossing Arakan, Marilog Davao, DAV
Western Union in the Philippines
Manila LBC Express Inc. Espana G Tolentino Espana Blvd Annex G 6 Gf Dona Amparo Building Manila, Metro ManilaLBC Express Inc. KP Tower C M Recto Ave Cor Juan Luna St Stall B 03, KP Tower Commercial Building Manila, Metro Manila
Davao Petnet Door 219, Fernandez Hermanos Building Corner San Pedro and Pelayo Street Davao, Davao Del SurLBC Express Inc National Highway NCCC Calinan District Davao, Davao Del Sur

Safety Tips for Picking up Cash in the Philippines

Remittances sent to the Philippines in 2015
Remittances sent from other countries to the Philippines in 2015

Governments of the U.S. and the UK warn their citizens against incidents of robbery and street crime in the Philippines. If you need to collect money from a cash pickup location, taking someone along might be a good idea. Try to visit the location during the day.

If you need to take a taxi use a hotel transfer service or hire one through a reputable company. Instances of taxi drivers and their accomplices robbing passengers are not uncommon. Be extra careful when you use public transport because armed hold-ups may take place on buses and ‘jeepneys.’ There is also a prevalence of violent crime, including the use of guns.

What Information Do I Need to Send Money to the Philippines?

The transfer method you choose has a bearing on the information you need to provide.

  • Cash pickup. You need to provide the recipient’s complete name and address. To collect the money, the recipient will need to provide a reference number along with a valid form of photo ID.
  • Bank account. You will need to provide the recipient’s name, bank account number, bank’s name, and bank’s BRSTN.

Regulations When Transferring Money To and From the Philippines

You may not bring in or take out more than ₱50,000 or its equivalent in another currency from the Philippines without prior consent from the Bangko Sentral ng Pilipinas (BSP).

The BSP permits residents and non-residents to buy foreign currency from:

  • Authorized agent banks (AABs)
  • Banks’ subsidiary/affiliate foreign exchange corporations (AAB-forex corps)
  • Non-banking foreign exchange dealers (FXDs)
  • Money changers (MCs)

Pros and Cons of Relocating to the Philippines

If you plan to move to the Philippines, understand that the shift will come with its share of pros and cons.

Pros

  • Hospitable people
  • Typically good weather
  • Low cost of living
  • Labor costs are low

Cons

  • Foreigners may be subject to stares
  • Subject to extreme weather conditions at times
  • High levels of poverty and corruption

Next Steps

Irrespective of whether you want to send money to a cash pickup location or a bank account, know that you have multiple options to choose from, so take time to compare them well. Keep all the required information close at hand so you may benefit by the best exchange rate on offer.

International Money Transfer Offers

  • WORLDFIRST

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  • WORLDREMIT

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  • OFFER: First 3 Transfers FEE FREE!
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  • CURRENCYFAIR

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  • CurrencyFair Peer-to-Peer Marketplace
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  • OFFER: 10 Free Transfers!
 
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Send Money to Philippines Updates

  • 22nd September 2019: Provider comparison table updated to be more appropriate for the visitor geographic.
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